Social Security's 2025 Full Retirement Age Increase: What You Need to Know
In this episode, we discuss the upcoming increase in Social Security's full retirement age (FRA) to 66 years and 10 months in 2025 for individuals born in 1959. This gradual rise is mandated by the 1983 reform law and reflects ongoing adjustments to the program.
We also cover the 2.5% cost-of-living adjustment (COLA) for 2025 benefits, aimed at combating inflation. While early retirement is an option at age 62, it comes with reduced benefits, whereas delaying retirement can lead to increased payouts.
Additionally, we highlight the looming financial challenges facing Social Security due to an aging population, predicting a potential 21% benefit cut by 2033 if reforms aren't implemented. The projected depletion of the Old-Age and Survivors Insurance Trust Fund underscores the urgency for addressing the program's long-term solvency.
Please note, we do not facilitate buying or selling financial products but offer insights into the complexities of Social Security and retirement planning. This podcast, like all episodes of The Coin Podcasts, is for entertainment purposes only
#socialsecurity #fullretirementage #2025 #costoflivingadjustment #COLA #retirementplanning #agingpopulation #financialchallenges #benefitcut #trustfund #retirementbenefits #earlyretirement #delayedretirement #longtermsolvency #1983reformlaw #podcast
